BRASILIA (Reuters) -Brazilian securities regulator CVM accused eight former executives of retailer Americanas of insider trading related to the company’s securities ahead of the 2023 disclosure of a high-profile accounting scandal.
In a statement late Friday, the CVM said that after completing an administrative investigation, it had gathered “robust, convincing and convergent elements” to resolve the allegations against former CEO Miguel Gutierrez and seven other former executives, including Jose Timotheo de Barros and Anna to support. Christina Saicali.
Americanas said findings from investigations conducted by its independent commission and authorities show that it was the victim of a “complex accounting fraud” orchestrated by its former executives, including misuse of privileged information.
The company said it has a strong interest in clarifying the facts and ensuring that all those responsible are held legally accountable.
Gutierrez’s defense said the allegations are based on unproven assumptions, adding that the stock sale by the executive was conducted “with integrity and in full compliance with current regulations.”
Barros’ lawyer said he had nothing to say, adding that his client’s defense would be done “by proving his innocence with objective data.”
A representative for Saicali said she would not comment on the matter.
The accounting fraud case at Americanas roiled Brazilian markets last year, raising concerns about regulatory oversight and effective punishment for misconduct.
The retailer, backed by three billionaires who founded investment firm 3G Capital, has filed for bankruptcy protection after discovering $4 billion in accounting discrepancies.
